Presentation to Investors As of Dec. 2010
Grupo CGE One of the most important energy groups in Chile • More than 105 years of history • Development of long-term businesses, in key sectors • Corporate Governance with a business view prevailing the strategic development of its companies . • Consolidated Group has grown strongly in the past 10 years • Group aware of its environment and new challenges 1
Grupo CGE One of the most important energy groups in Chile Annual Revenues for US$ 4.3 billion and Ebitda of US$ 619 million consolidated • • Main electricity distributor in Chile (2.4 million clients) • Relevant player in Chile in liquefied and natural gas distribution • Our electricity and gas services reach more than half of total homes in Chile • Since June 2009, present in electricity generation in the SIC Presence in Argentina in the electricity and natural gas distribution • • Recently participating in the distribution of liquefied gas in Colombia In process of adaptation to changes in the environment and size 2
Major shareholder committed to the growth and Grupo CGE development of its subsidiaries Ownership Structure - CGE Group (Dec. 2010) Indiver 11,1% Grupo Familia Otros Marín 22,6% 22,3% 3.503 accionistas Inv. Inst. y AFP 4,9% Grupo Almería Soc. del Canal del 20,7% Maipo 7,6% Grupo Familia Pérez Cruz 10,8% 3
Grupo CGE A Group with Focused and Strategic Business Units Electricity Electricity Liquefied Gas Liquefied Gas Electricity Electricity and Gas Distribution Services & Natural Distribution Transmission Generation Distribution in Chile Gas in Colombia in Argentina 4
Grupo CGE Taking opportunities for strategic growth Evolution of Consolidated Assets ($ billion) Evolución of Consolidated Ebitda ($ billion) 300 4.000 Patrimonio Neto 3.500 250 Pasivos 3.000 200 2.500 2.000 150 1.500 100 1.000 50 500 0 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 More than US$ 3.6 billion invested during the past 10 years. • CGE Groups invests around US$ 300 million a year for vegetative growth (capex). • • Ebitda has grown consistently. 5
Grupo CGE Ebitda (1) of Electricity Sector 2% Others Transmission (2) 29% Electricity 55% Distribution 63% Generation Gas 8% 43% Ebitda Consolidated Dec-10 Ebitda Electricity Sector Dec-10 MM$ 289.671 (US$ 619 million) MM$ 159.882 (US$ 342 million) 6 (1) Operating Result + Depreciation + Amortization (2) Figures for transmission only considers Transnet S.A.
Grupo CGE Electricity Distribution – Market position Physical sales Number of Customers Saesa Saesa 9,1% 12,9% Otros 2,2% CGE Distribución CGE Distribución Otros 23,1% 24,4% 3,2% Grupo CGE Grupo CGE 40,2% 43,8% Enersis Enersis 40,7% 30,2% Otras Emp. Grupo CGE Otras Emp. Grupo 17,0% CGE 19,4% Chilquinta 7,8% Chilquinta 9,9% Source: Empresas Eléctricas A.G. • In terms of physical sales, CGE Group is the second player, distributing over 11,300 GWh per year in Chile. • CGE Group is the leading player in terms of number of clients. In these same terms, CGE Group supplies to a significant portion of Chile’s population. • 7
Grupo CGE Electricity Distribution 152 thsd clients 332 thsd clients 745 GWh 1.404 GWh 64 thsd clients 1.301 thsd clients 53 thsd clients 235 GWh 6.447 GWh 245 GWh 84 thsd clients 11 thsd clients 444 GWh 87 thsd clients 43 GWh 681 GWh 25 thsd clients 84 GWh 232 thsd clients 976 GWh • Generates an Ebitda of US$ 216 million per year, 63% of CGE’s Ebitda in the electricity sector. • CGE Group’s subsidiaries supply more than 2.3 million clients in Chile, with physical sales reaching 11,304 GWh as of December 2010. • Group with most coverage nationwide. • In Argentina it supplies close to 781 thousand clients, with physical sales of 3,476 GWh as of December 2010. 8 Figures as of Dec. 2010
Grupo CGE Key figures of electricity distribution business in Chile Evolution No. of Clients (thsd) Evolution of Physical Sales (GWh) 14.000 2.500 2.342 2.300 2.238 2.163 11.304 12.000 11.031 11.041 11.047 2.000 10.000 1.526 1.478 Grupo Emel 1.500 Grupo Emel 8.000 7.297 7.148 Edelmag Edelmag 6.000 1.000 Conafe Conafe 4.000 CGE D CGE D 500 2.000 0 - 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 Operating Revenues ($ bn) Ebitda * ($ bn) 1.400 160 1.189 140 1.175 1.126 140 1.200 119 120 1.000 95 100 100 Grupo Emel Grupo Emel 711 800 83 76 Edelmag 80 Edelmag 600 478 Conafe 419 60 Conafe CGE D 400 CGE D 40 200 20 0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 * Operating Result + Depreciation + Amortization 9 With the acquisition of Emel, CGE advanced its customer growth by 12 years.
Grupo CGE Great potential of growth of electricity sector in Chile, moved by economic development Correlation between electricity consumption and GDP 18.000 Canadá 16.000 14.000 EEUU 12.000 kWh per capita Nueva Australia Zelandia 10.000 Corea Singapur Japón 8.000 Francia Dinamarca Alemania 6.000 España Reino Unido Italia Chile Portugal 4.000 Argentina 2.000 México Brasil Perú Colombia 0 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000 55.000 60.000 GDP per capita in US$ 10 Source: World Bank; data at 2007
Grupo CGE Electricity Distribution – Perspectives & Conclusions � We are recovering from stable growth of electricity demand 2008 – 2009 � economic crisis (-) • 2010 � earthquake (-) • � 2009 effects of VAD tariff setting and of services non-related to electricity supply (-) � 2010 effects of tariff setting for Related Services (-), earthquake (-), IT plataform � 2011 we expect important growth of energy consumption • GDP between 6% and 7% (+) Consumption growth (+) • Low unemployment (+) • � Correlation between electricity consumption and GDP – We expect sustained growth of electricity consumption � Our infrastructure is prepared to move along with future growth (+) � Growth perspectives in Argentina with fixed tarifs for the coming five years (+) � 1Q11 – Physical sales of electricity distribution in Chile +9,1% as a reference 11
Electricity Transmission � � Strategic support for � � Grupo CGE electricity distribution 2.604 km lines 8.749 GWh energy withdrawn (*) 9 km lines 4 km lines 128 km lines 209 km lines 75 km lines 457 km lines Empresas EMEL 873 km lines CGE Group is the 2nd player in Chile, with 3.485 kms of sub-transmission lines extended throughout • great part of the country. • This activity generates an Ebitda of US$ 120 million a year, becoming one of the most important businesses of the CGE Group. • Main subsidiary in the sector Transnet, which total assets reach nearly US$ 890 million. 12 (*) Corresponds to energy withdrawn from the subtransmission system. Figures as of Dec. 2010
Transnet S.A. is the main subsidiary of CGE Group in Grupo CGE this activity Total Assets ($ million) Energy Withdrawn (GWh) 12.000 450.000 415.923 400.000 10.500 359.796 8.817 8.803 8.780 8.749 350.000 9.000 8.347 7.497 300.000 7.500 234.456 250.000 201.042 6.000 179.685 200.000 153.993 4.500 150.000 100.000 3.000 50.000 1.500 0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 PCGA IFRS Operating Revenues ($ million) Ebitda ($ million) * 80.000 60.000 70.000 62.516 46.769 50.000 59.805 43.565 60.000 55.316 40.428 40.000 46.984 50.000 34.332 40.149 29.286 40.000 30.000 34.086 24.857 30.000 20.000 20.000 10.000 10.000 0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 13 (*) Operating Result + Depreciation + Amortization
Grupo CGE Electricity Transmission – Perspectives & Conclusions � Stable business, highly specialized and strategic for CGE. � Growth of this sector is correlated to the growth of the country. � There is room to keep growing, beyond vegatative growth. � Our infrastructured is prepared to face the future demand growth of electricity. � 1Q11 – Withdrawal of energy + 20 % 14
Grupo CGE Electricity Generation Potential growth through acquisitions and own portfolio of proyects IBENER ENERPLUS (ex CGE GENERACIÓN) acquired from Iberdrola • 100% of IBENER in June 2009. • Total investment of US$ 294 million • Two hydroelectric run-of-the-river power plants: Peuchén and Mampil, with 84 MW and 49 MW of installed capacity. Repowering capacity to 140 MW • • Average generation of approximately 440 GWh/year. • During 2010 Ebitda reached US$ 25 million. 15
Grupo CGE Own projects of electricity generation Projects CGE Group has 500 MW in own water rights. • � All projects are run-of-the-river power plants Most advanced project � Central Ñuble • � 136 MW of installed capacity � Estimated average generation of 667 GWh/year � Estimated investment of US$ 260 million. � Construction to begin by late 2011 � Start-up: 2014 16
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